Mog Coin (MOG) Slides: Will the Current Downtrend Turn Into a Steeper Decline?

• Mog Coin is currently trading at $0.00000015.
• MOG’s trading volume has soared by over 12%.

With the Mog Coin’s market cap settled at $59.06 million, it is currently trading within the $0.0000001514 range. Notably, the asset’s daily trading volume has increased by over 12.45%, reaching the $9.41 million zone. MOG opened the day trading at around a low and gradually climbed higher. 

The four-hour price chart of Mog Coin reports a downside impulse, and the price could likely fall to the support at $0.0000001492. If the ongoing bearish momentum strengthens, it may trigger the death cross to take place and send the asset below $0.0000001480.

On the flip side, assuming the MOG market shifts the momentum bullish, the price might rise to its nearest resistance at $0.0000001526. With steady upside pressure, the bulls could initiate the golden cross and drive the price action above $0.0000001538.

Will Mog Coin Ride the Bearish Momentum Even Lower?

After analysing the technical indicators of MOG, it reveals that both the Moving Average Convergence Divergence (MACD) line and signal line are below the zero line. The market is in a bearish phase, with the price trending downward.

(Source: TradingView)

In addition, the Chaikin Money Flow (CMF) indicator is stationed at -0.08 points to mild selling pressure. The capital is flowing out, but not aggressively. Notably, the market is moving sideways, unless the outflow starts to increase.

MOG’s current market sentiment is approaching the oversold zone as the daily Relative Strength Index (RSI) is found at 33.80. The price has been under steady selling pressure, with sellers clearly in control. If it dips further, there is a chance that a short-term bounce might appear. 

Besides, the Bull Bear Power (BBP) value of -0.107 implies moderate bearish pressure. It might push the price slightly below its average level. The downside move has some strength, but it is not very aggressive. Also, the market is leaning lower, unless the buyers step in to shift the momentum.

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